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  4. Day after Elon Musk says he 'supports Dogecoin', cryptocurrency zooms 9%

Day after Elon Musk says he 'supports Dogecoin', cryptocurrency zooms 9%

On Monday, just a day after Musk's tweets, the cryptocurrency zoomed 9 per cent. For the past few months, the digital currency had lost over 80 per cent of its value from the all-time high that it reached in May 2021.

Sri Lasya Edited by: Sri Lasya @laasiyapriya New Delhi Updated on: June 20, 2022 20:45 IST
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Image Source : TWITTER/@FIREINTHEHOLEE1

Earlier this year, Musk announced that the company's supercharging stations will accept cryptocurrency Dogecoin as payment.

 

Highlights

  • Elon Musk came in support of Dogecoin again and sent the price of cryptocurrency up
  • Dogecoin digital currency has tumbled from its high of nearly $0.74 to $0.05 in recent days
  • After Musk's support, Dogecoin zoomed by 9 per cent

Billionaire, the world's richest and self-proclaimed 'Doge father’ Elon Musk on Sunday came in support of Dogecoin yet again and sent the price of the cryptocurrency up. The Tesla and SpaceX CEO had from time to time voiced his support for the cryptocurrency, despite when the currency hit its lows. 

Amid the 'crypto winter', Dogecoin digital currency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days.

In a tweet on Sunday, Musk said: "I will keep supporting Dogecoin." Reacting to a follower who asked him to keep buying Dogecoin too, Musk replied that he will keep purchasing the cryptocurrency.

On Monday, just a day after Musk's tweets, the cryptocurrency zoomed 9 per cent. For the past few months, the digital currency had lost over 80 per cent of its value from the all-time high that it reached in May 2021. 

According to coinmarketcap.com, the price of Dogecoin is $0.056969 with a 24-hour trading volume of $992,406,891. 

Lawsuit against Elon Musk

Last week, a Dogecoin cryptocurrency investor in the US sued Musk, Tesla and SpaceX for $258 billion for allegedly operating an illegal racketeering enterprise to inflate the price of Dogecoin.

A class-action lawsuit was filed in a federal court in Manhattan, and the Dogecoin investor called for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk started tweeting about it, according to reports.

"Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all," the plaintiff Keith Johnson said in the complaint.

"Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme," he added.

Musk in support of Dogecoin

Earlier this year, Musk announced that the company's supercharging stations will accept cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been rumours of Tesla eventually accepting the crypto as a form of payment for its vehicles.

Musk has a significant personal investment into Bitcoin on top of Tesla's investment and he has smaller Ethereum and Dogecoin holdings.

ALSO READ: Elon Musk takes motivational class on Twitter; users ask 'how high are you?'

(ians inputs)

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